mobile payments service

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mobile payments service

Paying for merchandise or services in a store via mobile phone. A smartphone wallet app either holds prepaid funds or works like a credit card, and various authentication methods may be employed. As of late 2015, Apple Pay, Android Pay, CurrentC and Samsung Pay are emerging payments services in the U.S. See Apple Pay, Android Pay, CurrentC and Samsung Pay.

The "Next Big Thing"
When the Internet exploded in the 1990s, a variety of Web-based payments systems were developed; however, except for PayPal, most were abandoned. The distinct advantage of smartphones is that people generally have them while shopping, and built-in fingerprint readers add a significant level of security.

The primary technology used in mobile payments is near field communication (NFC), which allows a person to pass the phone over a terminal to quickly pay for merchandise. Many Android phones included NFC, and Apple finally added it with the iPhone 6. Barcodes can also be displayed on the phone and scanned by the merchant's terminal or vice versa. See NFC and barcode.

Like any "next big thing," mobile payments have to overcome the chicken-egg conundrum. The more retailers adopt a system, the more people use it, and the more people use it, the more merchants come on board. To fully embrace mobile payments, physical stores will have to support multiple systems. See mobile check deposit, Web payments service, digital wallet and smartphone wallet.
References in periodicals archive ?
Rivalry in Fast Growing Mobile Payments Remains Intense
In the USA, the share of adults who used mobile payments increased to over 20% in 2014.
Many aspects of the mobile payments ecosystem are evolving including what people buy, how purchases are made, what devices are used, how purchases are funded, how merchants or producers are monetized, and even the identity of sellers and buyers.
MOBILE PAYMENTS ARE BELIEVED to be the next killer application for the mobile Internet.
According to estimates, the volume of mobile payments will globally increase in 2012 by approximately 70 percent.
com offers Mobile Payments: Revenue Models and Market Strategies research report examines the predominant service and revenue models in the mobile payments arena, as well as the market approach of selected players, in order to identify effective strategies and key success factors.
Mobile payments security experts Omlis and enterprise security leader Orion SaS consider the following targets moving into 2015:
2011 Turkey Mobile Payment Market Forecast 2010 - 2016: Gross transaction value of mobile payments in Turkey to rise to $23.
Mobile Payments: Revenue Models and Market Strategies," a Thematic Research Report by Pyramid Research, examines the predominant service and revenue models in the mobile payments arena, as well as the market approach of selected players, in order to identify effective strategies and key success factors.
Mobile Payments: Revenue Models and Market Strategies," a Thematic Research Report, examines the predominant service & revenue models in the mobile payments arena, as well as the market approach of selected players, in order to identify effective strategies and key success factors.
com)-- Mobile payments, comprising remote and in person retail payments made with mobile devices, are forecasted to maintain rapid growth in the next several years.
2011 United Kingdom Mobile Payment Market Forecast 2010 - 2016: Gross transaction value of mobile payments in the UK to rise to $30.